negative about $40000. just want to move to bigger house and have no savings to pay off negative. possible to do a short sale ?

Asked by Leslie.flint, Gainesville, GA Wed Oct 3, 2012

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6
Elena Talis, Broker, Palo Alto, CA
Wed Oct 3, 2012
I'm afraid you are stuck.
Web Reference:  http://talisrealestate.com
0 votes
The Medford…, Agent, Fremont, CA
Wed Oct 3, 2012
Without trying to be rude, I spent a good part of my youth growing up in a 600 sq/ft “house” – it had been the local post office before we got it – some of the best times of my life were spent there. And there were 5 of us … 7 if you count the cat and dog …

It’s time for our nation to refocus.

Here is a post that may put things in perspective:

http://184.154.226.18/~ebpublis/index.php?option=com_content…
0 votes
Leslie.flint, Home Buyer, Gainesville, GA
Wed Oct 3, 2012
thanks everyone-this is an answer for a client I have and it fits perfect.
They have outgrown the home but cant sell due to market so just will wait it out.
0 votes
Michael Kapr…, Agent, Burlingame, CA
Wed Oct 3, 2012
Hi Leslie,
Your problem that when you sell your home as a Short Sale your credit will take a hit. Once that happens your ability to purchase or even rent a bigger home becomes much more difficult. Selling your home is not the problem but please think this through. Talk to an Attorney long before putting your house on the market. Without a Hardship or Job Transfer like Debra mentioned below, you may even incur tax liabilities that at present you can't afford.

Always the Best,
Michael
0 votes
Shiraz Zack…, Agent, San Mateo, CA
Wed Oct 3, 2012
You will need at least a 20% down payment to purchase another home.

If you are negative $40,000 on your current home, with closing costs added, this will be a larger number. Short Sale is possible if you don't have other cash assets or if you have a financial hardship (like health problem, job).
0 votes
Debra (Debbi…, Agent, Livingston, NJ
Wed Oct 3, 2012
If you have no savingss, not to be disrespectful, but why are you looking to move to a bigger home?

Maybe the best thing to do is stay where you are......keep current on your payments, keep you credit scores up............ and save some money.

You don't mention any financial hardship, or job transfer.............so..........this might not be the time for you to "move up".
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